ENGLISH LITERATURE (CBSE/UGC NET)

Detailed explanation-1: -Usury is the act of lending money at an interest rate that is considered unreasonably high or that is higher than the rate permitted by law. It first became common in England under King Henry VIII.

Detailed explanation-2: -Usury is interest that a lender charges a borrower at a rate above the lawful ceiling on such charges; a contract upon the loan of money with an illegally high interest rate as a condition of the loan. Usury is also the act of making a loan at such an interest rate; making a loan at a usurious rate.

Detailed explanation-3: -Usury happens when the interest rate charged by a lender to a borrower is higher than the lawful limit. For example, banks and online lending companies usually charge the interest rate on loans following regulatory measures set by the country’s central bank.

Detailed explanation-4: -A moneylender is a person or group who typically offers small personal loans at high rates of interest. The high interest rates charged by them is justified in many cases by the risk involved.

Detailed explanation-5: -Banks, credit unions, and peer-to-peer (P2P) lending are common examples.